All Eyes on Aten—Flat Debut Tests Investor Faith in SME Momentum

Image Source: India IPO

Aten Papers and Foam were listed on the BSE SME platform today, June 20, 2025, but the listing did not leave any impression. The stock of the company was listed at ₹90 per share, down 6.25% from the issue price of ₹96, according to grey market estimates that had forecast a flat or weak listing.

Key Points:

IPO Snapshot: The ₹31.68 crore IPO, being a fresh issue of 33 lakh shares alone, saw 1.49 times subscription overall. While retail (2.17x) and QIB (2.91x) segments were keen, noninstitutional investors (0.66x) were cautious.
Muted GMP: The grey market premium (GMP) was ₹0, indicating lackluster investor interest ahead of listing.
Business Profile: Aten was established in 2019 and is a paper supply chain trading intermediary that deals in the kraft paper, absorbent paper, and duplex board business. It also provides waste paper to the mills and kraft paper for sale to use in grocery bags, furniture, and industries.
Financials: The company registered a 43% rise in revenue at ₹139 crore in FY25, while net profit increased 152% to ₹7 crore. Analysts are optimistic about the growth but are wary about the sustainability of the growth.
Market Cap: Post listing, the market capitalisation of Aten is around ₹99 crore.